New York-based Cemtrex Inc. has announced that it has entered into a Letter of Intent to purchase all the assets of a foreign, wastewater treatment and bio-energy plant technology company.

According to Cemtrex, the undisclosed company had annual sales of approximately $14 million in 2013.

According to Global Water Markets, the market for wastewater equipment is set to rise by 27 per cent to $225 billion over the next five years, with sludge management and energy recovery among the growing trends. Additionally based on another industry study regarding biogas plants by Ecoprog, the worldwide installed capacity will increase between 2012 and 2016 from 4,700 MW to about 7,400 MW, or about 60 per cent in five years.

The company expects to complete the transaction by August 31, 2014 and use its existing capital to complete the deal. The company will release additional information in the coming weeks as the acquisition is finalized.